Vehicle buyers in Canada in 2024 more practical, less aspirational: AutoTrader

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Luxury is out and practicality is in.

That’s the takeaway from new year-end data put out by vehicle-buying website Auto Trader, which has revealed a shift in Canadian shopping behaviour.

AutoTrader says amid ongoing economic pressures, Canadians are prioritizing affordability, reliability, and utility when choosing their next vehicle.

Perennial favourites such as the Ford F-150, Toyota RAV4 , and Honda Civic continue to be among both the top searched and top sold vehicles in 2024, while luxury brands such as BMW and Mercedes-Benz have seen their lowest search and sales representation since 2019.

For the second consecutive year, no luxury nameplates appear on the top-10 sold list.

“This year, our data points to a shift away from aspirational purchases, as Canadian consumers adapt to the realities of a challenging economic landscape,” said Ian MacDonald, AutoTrader’s chief marketing officer.

“The data clearly points to a shift away from luxury vehicles across most of the country, underscoring the reality that many Canadian consumers are watchfully navigating a challenging economic landscape.”

Further trends reported this year by AutoTrader: 27% of Canadians plan to buy a vehicle in the next six months, slightly up from 26% in 2023. Consumers are also cross-shopping, with 47% of used car buyers considering new vehicles and 36% of new car buyers exploring used options.

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SUVs account for 40% of vehicle searches in 2024 (up 2% from 2023), with leading SUV models occupying half of the top-sold list.

While cars saw a slight 2% dip in search share, cars account for nearly half (49%) of all vehicle searches on AutoTrader and EV searches rose 9% in 2024, representing 8% of total searches.

While cars continue their multi-year trend of dominating the Ontario rankings, the rise of the Toyota RAV4 and the addition of the Honda CR-V in 2024 points to growing consumer demand for larger, more versatile vehicles.

Here’s Auto Trader’s 2024’s list of top-searched vehicles:

1. Ford F-150
2. Toyota RAV4
3. Honda Civic
4. BMW 3 Series
5. Porsche 911
6. Ford Mustang
7. Mercedes-Benz C-Class
8. Honda CR-V
9. Chevrolet Corvette
10. Toyota Tacoma
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Here’s 2024’s top-sold list:

1. Ford F-150
2. Toyota RAV4
3. Honda CR-V
4. Dodge Ram 1500
5. Honda Civic
6. Ford Escape
7. Toyota Corolla
8. Nissan Rogue
9. Hyundai Elantra
10. Hyundai Tucson